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Central Bank of Congo Takes Bold Steps to Strengthen Congolese Franc and Reduce Dollarization 1 Mining in DRC Economy 

Central Bank of Congo Takes Bold Steps to Strengthen Congolese Franc and Reduce Dollarization

Constance
The Central Bank of Congo (BCC) announced a series of measures on Tuesday aimed at bolstering the use of the Congolese franc (CDF) and curbing the economy’s heavy reliance on the US dollar. A key component of this initiative is requiring credit institutions and financial companies to configure their Electronic Payment Terminals (EPTs) to accept only the national currency, marking a significant move in the country’s monetary policy. The primary goal of these measures is to boost demand for the Congolese franc and decrease dependency on the US dollar. The… Read More Here
ARSP Issues Over 2,300 Registration Certificates to Entrepreneurs in Haut Katanga 2 Mining in DRC Governance 

ARSP Issues Over 2,300 Registration Certificates to Entrepreneurs in Haut Katanga

Constance
The Regulatory Authority for Subcontracting in the Private Sector (ARSP) has issued more than 2,300 registration certificates to entrepreneurs in the Haut Katanga province. This milestone demonstrates the commitment of ARSP Director General Miguel Katemb to realizing the President’s vision of creating a Congolese middle class. The ceremony was led by provincial director Bijoux Mushitu Kat, who commended the ARSP’s dedication to supporting Congolese subcontractors and called for collective efforts to foster the emergence of a Congolese middle class. “In the name of the Director General of the ARSP, the… Read More Here
New DRC-China Mining Amendment Sparks Controversy and Concerns Over Transparency 3 Mining in DRC Governance 

New DRC-China Mining Amendment Sparks Controversy and Concerns Over Transparency

Constance
Signed on March 14, 2024, Amendment No. 5 between the government of the Democratic Republic of Congo (DRC) and the Chinese Enterprise Group (GEC) regarding mining operations by Sino-Congolese Mines (Sicomines) continues to generate significant debate. The amendment, which trades mining rights for infrastructure development, has faced scrutiny since President Félix Tshisekedi took office in 2019, sparking a trade war between the United States and China over DRC’s mineral resources. During his visit to Kinshasa in August 2022, U.S. Secretary of State Antony Blinken pushed for the revision of mining… Read More Here
Delays and Controversy Cloud Manono Lithium Mining Project in DRC 4 Mining in DRC Battery Metals Lithium 

Delays and Controversy Cloud Manono Lithium Mining Project in DRC

Constance
Announced at the start of 2023, the lithium mining project in Manono, Tanganyika province, remains stalled. Despite high hopes for transforming the Greater Katanga region, the project has yet to launch. The Democratic Republic of Congo (DRC), which previously mined tin in the area, now faces questions about why this promising project is delayed. Manono, located in the southeastern DRC, holds the world’s largest lithium reserve. With an estimated 100,000 internally displaced persons (IDPs), the region’s natural resources have attracted global attention, especially with the discovery of lithium. The demand… Read More Here
Barrick and Zijin Contribute $1 Million to Support Papua New Guinea Landslide Victims 5 International Gold Press Release 

Barrick and Zijin Contribute $1 Million to Support Papua New Guinea Landslide Victims

Constance
 Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) and JV partner Zijin Mining Group announced today that they would jointly contribute US$1 million (Kina 3.8 million) to help communities in Papua New Guinea’s Enga province in the wake of a landslide in Mulitaka that has claimed an estimated 600 lives. A team of senior Barrick executives has spent the week in PNG visiting the disaster site and working with the provincial and national governments as well as officials from the United Nations, the Asian Development Bank, Australia, New Zealand and the United States to… Read More Here
KoBold Metals Plans $2.3 Billion Investment in Zambia's Largest Copper Mine 6 Mining in Zambia Copper New Mining Projects 

KoBold Metals Plans $2.3 Billion Investment in Zambia’s Largest Copper Mine

Constance
KoBold Metals, a mining exploration company backed by Bill Gates, is planning to invest up to $2.3 billion to develop a major new copper mine in Zambia, according to President Hakainde Hichilema, who cited company figures. The company aims to produce over 300,000 metric tons of copper annually at the Mingomba site, positioning it as Zambia’s largest copper operation. KoBold Metals plans to begin sinking the mining shaft in the first half of 2026, as announced by company officials during a meeting with Hichilema, which was broadcast on state television.… Read More Here
ERB Suspends Exxon Petroleum Energy’s License Over Fraud Allegations 7 Mining in Zambia Oil & Gas Petroleum 

ERB Suspends Exxon Petroleum Energy’s License Over Fraud Allegations

Constance
The Energy Regulation Board (ERB) has suspended the operating license of Exxon Petroleum Energy Limited due to alleged fraudulent practices. The company, owned by Dr. Kafula Mubanga, President of the Oil Marketing Association of Zambia (OMCAZ), faces numerous lawsuits from various companies for failing to supply fuel. Recently, Judge Chilombo Maka ordered Dr. Mubanga to pay Luapula Energy Limited K3,506,195.90 for 52 tankers of petroleum products obtained on credit. Exxon Petroleum Energy Limited failed to clear the outstanding debt and did not defend itself in court. Attempts to recover the… Read More Here
AfDB-Funded Contract Signed for Inga 1 Hydroelectric Plant Rehabilitation 8 Mining in DRC Hydro power plant 

AfDB-Funded Contract Signed for Inga 1 Hydroelectric Plant Rehabilitation

Constance
With financial support from the African Development Bank (AfDB), the National Electricity Company (SNEL SA) signed a contract with the Chinese company China Gezhouba Group Company Limited (CGGC) for the rehabilitation of Group 6 (G16) of the Inga 1 hydroelectric plant in central Congo province. The signing took place on Tuesday, June 4, 2024, in Kinshasa, in the presence of senior executives from both parties. This multilateral collaboration between SNEL SA, CGGC, and the AfDB aims to modernize and enhance the production capacity of the Inga 1 hydroelectric plant, significantly… Read More Here
Judith Suminwa brings together her team to make contact 9 Mining in DRC Governance 

Judith Suminwa brings together her team to make contact

Constance
The Congolese Prime Minister, Judith Suminwa Tuluka, gathered her team at the Government building in Kinshasa this Tuesday, June 4, 2024.On this occasion, the Head of Government of the Democratic Republic of Congo spoke with the Deputy Prime Ministers, Ministers of State, Ministers, Delegate Ministers and Vice-Ministers, appointed by presidential order of May 28, 2024, around the preparations for the upcoming inauguration in the National Assembly. As required by the basic law, Prime Minister Judith Suminwa is expected at the National Assembly shortly to present her action program and seek… Read More Here
Rising Trends in DRC Mining Export Prices: May 27 - June 1, 2024 10 Mining in DRC Cobalt Copper 

Rising Trends in DRC Mining Export Prices: May 27 – June 1, 2024

Constance
The prices of mining export products from the Democratic Republic of Congo experienced an upward trend during the week of May 27 to June 1, 2024, according to projections by experts from the National Mercurial Commission of the Ministry of Trade. The only exception was cobalt, which saw a slight decrease, falling to $27,438 per tonne from $27,467 per tonne the previous week, marking a drop of $29. Copper prices, on the other hand, continued to improve, trading at $10,556 per tonne this week compared to $9,994 per tonne last… Read More Here

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